Daily Buzz: Thursday, 29 February
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PropertyBuzz, your daily dose of property news.
Construction industry tells greens and coalition to back Help to Buy, Regional Living remains attractive, and Queensland Home Prices Soar
Welcome to Property Buzz! I’m Grace Ormsby
Today is Thursday, the 29th of  February.
– and Master Builders Australia is urging the Greens and Coalition to support Labor’s Help to Buy scheme, which covers up to 40 per cent of the home price for low to middle income earners.
– The scheme is currently facing opposition in Parliament, with the Greens demanding changes to negative gearing and capital gains tax discounts in exchange for their support, potentially leading to the bill’s failure in the Senate.
Master Builders Australia says it’s vital the scheme continues to housing supply and encouraging home ownership without adversely affecting the investment market.
– Australia’s capital city residents are increasingly moving to regional areas, with migration at its highest in over a year,
According to the Regional Movers Index report, there’s been a 4.6 per cent rise in net internal migration to regions over the past three months.
Nearly 25 per cent more people moved from cities to regions than vice versa, with the Sunshine Coast the most popular destination for movers in the December 2023 quarter.
And staying in Queensland, and the Real Estate Institute of Queensland reports stable gains in the state’s property market, with median house prices rising 3.9 per cent in Q4 2023 and 6 per cent annually.
– Brisbane led the growth with house prices rising 6.9 per cent to a median of $1.125 million. Ipswich also saw significant growth, reaching a median house price of $620,000.
– Despite overall growth, some areas like Noosa, Fraser Coast, and Cairns saw a fall in house prices. However, growth continued in regional markets like Toowoomba, Rockhampton, Bundaberg, and Townsville.
That’s Property Buzz for today.
See you again tomorrow, 01 March, for your daily dose of Property Buzz.
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